Jinhui subsidiary Jinqing contracted Mitsubishi in December 2007 to acquire a 58,100 dwt bulker for JPY4.5bn ($45m).
The Hong Kong-based owner said Mitsubishi had failed to ensure the vessel was built to the terms of the contract at Tsuneishi’s yard in the Philippines.
“In particular despite repeated requests from Jinqing, Mitsubishi has ignored and further failed to procure the builder to conduct sea trials as required by the contract, yet has not withstanding, declared the vessel as ready for delivery.
Jinquing is now pursuing the repayment of $23m in pre-delivery installments from Mitsubishi.
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